Golf Cart and Neighborhood Electric Vehicle (NEV) Market to Reach $13.2 Billion, Globally, by 2033 at 10.6% CAGR: Allied Market Research
Wilmington, Delaware, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Golf Cart and Neighborhood Electric Vehicle (NEV) Market by Propulsion (Gas Powered Engine, and Electric Powered), and Type (Neighborhood Electric Vehicle, and Golf Cart): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the golf cart and neighborhood electric vehicle (NEV) market was valued at $4.9 billion in 2023, and is estimated to reach $13.2 billion by 2033, growing at a CAGR of 10.6% from 2024 to 2033.
Prime determinants of growth
As urbanization continues to increase worldwide, there is a surge in need for efficient and sustainable transportation solutions, particularly for short-distance travel within urban and suburban areas. Golf carts and NEVs offer an eco-friendly alternative to traditional vehicles, making them well-suited for navigating densely populated areas, residential communities, and campus environments. Furthermore, rise in awareness of environmental issues and need to reduce carbon emissions boost the demand for electric vehicles, including golf carts and NEVs. These vehicles produce zero tailpipe emissions, making them environmentally friendly options for transportation in both urban and rural settings. As governments implement stricter emissions regulations and consumers prioritize sustainability, the market for electric vehicles is expected to grow.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $4.9 billion |
| Market Size in 2033 | $13.2 billion |
| CAGR | 10.6% |
| No. of Pages in Report | 350 |
| Segments Covered | Propulsion, Type and Region. |
| Drivers | Environmental concern and sustainability |
| Urbanization and traffic congestion | |
| Growth of recreation Industry | |
| Opportunity | Urban Mobility Solution |
| Restraints | Limited Range and Speed |
| Regulatory and infrastructure challenges |
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Segment Highlights
The demand for electric powered golf cart and neighborhood electric vehicle is driven by greenhouse gas emissions and pollution, which are major environmental problems, and electric golf carts and NEVs are in line with these concerns. Consumers and governments alike prioritize sustainability, and electric vehicles are widely preferred over gasoline-powered counterparts. As electric vehicles lower greenhouse gas emissions and improve air quality, electric cars are more desirable to buyers who care about the environment. Many governments worldwide provide regulatory support and incentives to promote the adoption of electric vehicles. These incentives include tax credits, rebates, subsidies, and exemptions from certain taxes or fees. Such supportive policies make electric-powered golf carts and NEVs more affordable and attractive options for consumers, thereby driving market demand and increasing their market share.
Advances in battery technology have significantly improved the performance and range of electric vehicles. Lithium-ion batteries, in particular, offer higher energy density, faster charging times, and longer driving ranges compared to traditional lead-acid batteries. These technological advancements have addressed concerns regarding the limited range of electric vehicles, making them more practical for everyday use and contributing to their higher market share.
The demand for golf cart is on the rise as golf carts are preferred in golf courses, resorts, and recreational facilities. They have a long-standing presence in these environments, where they are widely used for transporting golfers, equipment, and personnel around the premises. The established market presence of golf carts contributes to their higher market share within the NEV market. Golf carts are often designed and customized to meet the specific needs and preferences of golfers and golf course operators. They come in various sizes, configurations, and features tailored to different applications, such as carrying capacity, storage options, and seating arrangements. The ability to customize golf carts according to customer requirements enhances their appeal and market share.
Regional Outlook
North America attained the highest market share for the golf cart and NEV market due to its robust recreational culture, extensive use in retirement communities, supportive regulatory environment, and strong manufacturing base.
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Key Players
- Columbia CarPar
- Garia
- GEM
- Ingersoll Rand
- Melex Golf Cars
- Shenzhen Marshell Green Power
- Speedways Electric
- Textron
- Volmac Engineering
- Yamaha Golf Cars
The report provides a detailed analysis of these key players in the global golf cart and neighborhood electric vehicle market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
- In January 2024, WiTricity introduced its wireless charging solution for electric golf cars and NEVs at the Consumer Electronics Show in Las Vegas, Nevada, showcasing its technology through a South Korea-based OEM vehicle equipped with WiTricity's receiver, alongside a Ford Mach-E upgraded with WiTricity's Halo™ Wireless Receiver, demonstrating the versatility and potential of their wireless charging technology across different vehicle types and manufacturers.
- In January 2024, SC Carts, a Vernon-based company specializing in luxury low-speed electric vehicles (LSVs) , announced a groundbreaking partnership with the Vernon Golf and Country Club. With this collaboration, SC Carts is expected to work closely with the golf course during the upcoming golf season, offering special events, demonstrations, and promotional offers.
- In January 2024, a Vernon-based cart company, SC cart partnered with Vernon Golf and Country Club marking a milestone in the golfing community. This collaboration allows SC Carts to showcase its luxury low-speed electric vehicles (LSVs) directly on the golf course during the upcoming season. As the first and only manufacturer approved by Transport Canada to produce street-legal LSVs in their category, SC Carts leverages this unique position to offer golfers the convenience of driving from their homes to the course and back. This partnership underscores the rise in demand for environmentally friendly transportation solutions within golfing communities and highlights SC Carts' commitment to innovation and convenience in the industry.
- In March 2023, Club Car launched CRU, a street-legal lifestyle vehicle, expanding its electric vehicle portfolio into the Neighborhood Electric Vehicles (NEV) category, offering consumers a fun and sustainable option for short trips while disrupting the low-speed vehicle (LSV) market.
- In December 2022, Saera Electric Auto launched an exclusive electric golf cart into the Indian market, offering a sustainable and convenient solution for golfers and recreational users. This electric golf cart is designed to provide efficient and eco-friendly transportation on golf courses and other leisure venues, catering to the surge in demand for electric mobility solutions in India. With its launch, Saera Electric Auto aims to enhance the golfing experience while promoting environmental sustainability in the Indian market.
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